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GMR Infrastructure Ltd said it has agreed to buy the stake of private equity investors in GMR Airports Ltd, which manages the group’s airport business.

The company had in April this year decided to exercise its call option on the compulsorily convertible preference shares (CCPS) held by PE investors.

It has now executed agreements to restructure the terms of the investment by the PE investors in the airports unit. The agreements will be effective only upon completion of conditions precedent in these agreements, including the receipt of necessary regulatory approvals, it said in stock exchange filing.

As per the agreements, GMR Infrastructure can acquire equity securities held by the PE investors in GMR Airports at any time before June 5, 2017.

The existing investors include Standard Chartered Private Equity, SBI-Macquarie Infrastructure Fund and JM Financial, who came on board GMR Airports around years ago.

The infrastructure company did not share details of the proposed transaction but separate media reports early this month said that Fairfax, KKR, Changi Airport are among those looking to invest in the airports arm. This deal would possibly provide cash for the transaction.

GMR Infrastructure, which has interests in airports, power and other sectors, is looking to consolidate its holdings in GMR Airports. At present, the group operates the international airports in Delhi and Hyderabad as well as the Mactan Cebu International Airport in the Philippines.

Last year, it had consolidated its holding in IPO-bound GMR Energy. The PE investors of the power business had swapped part of their stake in the privately held firm that decided to postpone its IPO with a small stake in the listed parent.